Wild misunderstanding of Smith. He considered it a moral defect, wrote several pieces criticizing gambling, and criticized state run gambling.
"The over-weening conceit which the greater part of men have of their own abilities, is an ancient evil... their absurd presumption in their own good fortune, is even more universal."
Par for the course for many who mention Adam Smith. Another classic libel is bringing up his name in cases of gross misconduct by a business or a businessman, but he was very critical of the excesses of merchants. Smith was a moral philosopher first and an accidental economist second.
There's a great podcast about Adam Smith here, debunking some of those oversimplifications: https://www.ppfideas.com/episodes/what%E2%80%99s-wrong-with-...
There are far better examples they could use.
There is a reason Peter Thiel started Polymarket... You need as much liquidity as possible to capitalize on privatization of national intelligence w/ Palantir.
I do take Adam Smith out of context, that is the precise point -- the invisible hand of self-interest is the salient idea that has endured and shaped modern Hypercapitalism. It doesn't matter if he is rolling in his grave at audio frequencies due to my and, more importantly, society's alleged misappropriation of his work and misunderstanding of his many moral considerations. He was effectively soundbited centuries ago and we are still struggling to manage the implications. Saying he was a good guy makes it more difficult to fix the problem.
Much like Marx, who had a lot of very insightful observations.
Whether what was done in his name is or isn't directly attributable to his writings is somewhat academic. That has taken on a life of its own, and overshadowed all his other ideas.
It has also certainly made talking about class in America very difficult.
Very good comparison. I do have more respect for Marx, particularly his influence upon the modern concept of life/work balance owes much to his concepts of estranged labor ("Life itself appears only as a means to life"), as I haven't had to live in a society afflicted by his excesses and misappropriations, unlike the case of Adam Smith.